FREMONT, Calif. and UMBERTIDE, Italy--(BUSINESS WIRE)--Jan. 25, 2019--
Technologies, Inc. (“SolarEdge”) (NASDAQ: SEDG), a global leader in
smart energy technology, announced today the closing of the previously
announced acquisition of a majority stake (approximately 57%) of S.M.R.E.
Spa (“SMRE”), a provider of innovative integrated powertrain
technology and electronics for electric vehicles.
“We are pleased to welcome SMRE to the SolarEdge family. We believe that
our technological synergies combined with our complimentary areas of
expertise will empower SolarEdge’s growing business group at a time when
the world is undergoing a clean energy transformation and e-mobility
revolution,” stated Guy Sella, CEO, Chairman and Founder of SolarEdge.
The Company’s current aggregate investment to purchase the SMRE shares
was increased from 51% to 57% totaling approximately $85 million, up
from the expected $77 million, including transaction-related expenses.
SolarEdge intends to purchase the remaining outstanding equity shares of
SMRE that are currently listed on the Italian AIM (SMR.MI) over time
through open-market purchases and otherwise, eventually resulting in
SMRE becoming a wholly-owned subsidiary of SolarEdge.
For the acquisition, Roth Capital acted as the financial advisor for MTI
Holdings, a major shareholder of SMRE.
About SolarEdge Technologies
SolarEdge is a global leader in smart energy technology. By leveraging
world-class engineering capabilities and with a relentless focus on
innovation, SolarEdge creates smart energy solutions that power our
lives and drive future progress. SolarEdge developed an intelligent
inverter solution that changed the way power is harvested and managed in
photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to
maximize power generation while lowering the cost of energy produced by
the PV system. Continuing to advance smart energy, SolarEdge addresses a
broad range of energy market segments through its PV, storage, EV
charging, batteries, UPS, and grid services solutions. SolarEdge is
online at solaredge.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20190125005200/en/
Source: SolarEdge Technologies, Inc.
and Media Relations Director
SolarEdge Technologies, Inc.
Faier, Chief Financial Officer
Sapphire Investor Relations, LLC
Erica Mannion or Michael Funari